CAMARILLO, USA: Semtech Corp., a leading supplier of analog and mixed-signal semiconductors for high-end consumer, computing, communications and industrial equipment, announced that, in connection with the completion of its acquisition of Sierra Monolithics Inc. (SMI) on December 9, 2009, it approved and implemented the 2009 Long-Term Equity Incentive Inducement Plan.
Pursuant to the Inducement Plan, approximately 44 former Sierra Monolithics employees who joined Semtech as employees received, at the closing of the acquisition, grants of restricted stock units with respect to an aggregate of 686,500 shares of Semtech common stock.
551,000 of the Inducement Awards are subject to time-based vesting and will vest annually over a four-year period. The remaining 135,500 of the Inducement Awards are subject to performance vesting requirements and will vest at the end of an approximately two-year period if specified SMI business unit performance targets are achieved.
Vesting of both the time-based and performance-based awards is contingent on the recipient remaining employed with Semtech through the relevant vesting dates.